Hi Som, what Terri has said is true, foreclosures are cheaper, but usually NOT that much cheaper and if they are there is a reason ie: the property needs extensive work ( usually to get it into liveable shape and it may be difficult to get a loan on it with the bank wanting an all cash offer). If there is a tenant on the property it will be in the contract that they remove the tennant prior to close of escrow, but every so often on the low priced homes YOU have to remove the tennant and believe me you do not want to get involved with evictions, courts, and getting the people out,
As I have mentioned on your other question I have the experience you may be looking for. Please feel free to contact me.
At your service,
Certified Distressed Property Expert